EV Charge Station Maker Charge Enterprises Files Bankruptcy
- Charge has restructuring deal with lender Arena Investors LP
- Company is at least the fourth EV business to file bankruptcy
The Chapter 11 filing marks at least the fourth bankruptcy involving companies in the electric vehicle business over the past few years.
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Charge Enterprises Inc., a public company building charging stations for electric vehicles and broadband infrastructure, filed bankruptcy to implement a restructuring plan that will hand control of the business to senior lender Arena Investors.
Charge Enterprises’s assets have a book value of more than $114 million compared to liabilities of roughly $48.7 million, according to papers it filed Thursday in Delaware bankruptcy court. The company said it started polling creditors on its restructuring plan earlier this week and will seek to win bankruptcy court approval on the Arena deal by April 24.